South Cook News

South Cook News

Tuesday, February 18, 2020

Former state university employee Gray paid in $138K to pension fund, could collect $2.74M in retirement

Schools

By Local Labs News Service | Aug 1, 2018

Money 05

Former state university employee Susan Gray, who retired in July 2018, saved $138,201 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gray would collect as much as $2.74 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Gray received $57,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gray will have already received $178,081 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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